Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Postal Solutions Department in the Straits Settlements and was set up by the colonial federal government to supply banking services for lower-income citizens.Following completion of World War II and the dissolvement of the Straits Settlement, the 1948 Savings Bank Ordinance came into impact and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s assets and liabilities divided between Singapore and the Federated Malay States.  After the separation from 1949 to 1955, total deposits of the bank increased from M$ 27.4 million to M$ 57.6 million and in 1951, the bank had its 100,000 th depositor.
Advice With regards to Getting Personal Loans In Singapore
If you are taking a loan from the bank for a home or cars and truck, it is very important to note your Debt Servicing Ratio which is a step of the portion of your regular income to the payment of your vehicle or home loan.
So a DSR of 50% means your loan repayments, plus payments of any other loans you have, can’t surpass 50% of your income.Just for referral, most banks enable 40% DSR for a home, and 30% DSR for a car.
Never take individual loans 2 to 3 months prior to another major loan. Simply puts, no personal loans if you’re planning to purchase a cars and truck, house, etc.
When it comes to individual loans, they are unsecured where you have absolutely nothing to back the loans if you can not pay back the banks. Such loans are riskier for the banks and they have a greater rates of interest for personal loans. Due to the nature of such individual loans, it is not recommended to take individual loans except for emergency situation situations.
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a auto loan for your car. It is not a good idea to secure a personal loan for your vehicle or renovation needs. When it concerns banks, particular loans’ rates of interest are lower.